Immuno-oncology Seen as Hot Topic at ASCO; Goldman Comments on Abstracts (BMY) (MRK) (ABBV) (LLY)

ASCO abstracts data reaffirmed excitement over immuno-oncology, said Goldman Sachs analyst Jami Rubin. Bristol-Myers Squibb Co. (NYSE: BMY) is a major player in the space. Others include AbbVie, Inc. (NYSE: ABBV), Merck & Co., Inc. (NYSE: MRK), and Eli Lilly & Co. (NYSE: LLY).

"Our views on key themes for the abstracts: 1. Immuno-oncology agents are likely to have broad efficacy in multiple tumors: We expect to see further data, beyond lung, renal and melanoma at ASCO this year. MRK will have data in head and neck cancer, Roche in bladder, etc," said Rubin.

"BMY continues to be the most levered to the space. Positive nivo/Yervoy combo data in melanoma and renal are differentiating – the jury is still out on combo in lung. We expect nivo (single agent) to reach the market early next year in lung. ABBV: ABT-199 is one of the most underappreciated assets in pharma, in our view. Combo with rituxumab demonstrates high CR relative to Imbruvica +R. MRK: MRK is less levered than BMY but will likely be second to market in lung, still a significant opportunity. LLY: Necitumumab data looks good but LLY’s oncology franchise (Necitumumab, Alimta) is likely to be displaced by immunooncology agents that don’t rely upon chemo," he added.

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